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Smaller Board Suggested
At Philadelphia Exchange

a Wall Street Journal Staff Reporter

Updated April 15, 1997 12:01 a.m. ET

A special committee reviewing the Philadelphia Stock Exchange's governance has recommended shrinking the exchange's board to 22 members from 29, with at least 11 members coming from outside the securities industry, according to a person familiar with the report.

The report, which board members received Monday, also recommends that the exchange's nominating committee be elected by the membership rather than appointed by the board, this person said. The report also recommends that the exchange's chairman, who is now a part-time...